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November 25th, 2009

RMG NEWS : Reverse Mortgages Face The Music

by Reverse Mortgage Group

In the last fiscal year, mortgage lenders funded 114,692 reverse mortgages under the FHA’s HECM program. Five years ago just 43,000 of reverse mortgage loans were written.
Until a year ago, the reverse mortgage niche looked like a safe bet for mortgage bankers seeking a haven from the carnage in the industry.
After all, what could be [...]


October 29th, 2009

Adjustable rate home equity conversion mortgage

by Reverse Mortgage Group

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.


July 31st, 2009

Frequently Asked Questions

by Reverse Mortgage Group

Frequently Asked Questions About Reverse Mortgages
What is a reverse mortgage?
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income—without having to sell their home, give up title to it, or make monthly mortgage payments. The loan becomes due when the last [...]


July 30th, 2009

How You Can Use the Money

by Reverse Mortgage Group

How You Can Use the Money From a Reverse Mortgage

Eliminate existing mortgage loan payments
Payoff credit card debt
Supplement retirement income
Help pay for medical and prescription expenses
Pay for in-home care, long term care insurance, Medicare supplement
Use funds for home repairs or modifications
Use for wealth redistribution, estate planning or make a living charitable donation
Lifestyle enhancement
Travel


July 30th, 2009

Reverse Mortgages

by Reverse Mortgage Group

What You Need to Know About Reverse Mortgages
The Basics of a Reverse Mortgage
Reverse mortgage loans enable seniors to convert their home’s equity into tax-free cash, all while retaining the occupancy and ownership of their home. Unlike a traditional mortgage, there are no monthly payments to be made and repayment of the loan is deferred until [...]


January 31st, 2009

What are the ways to pay off an existing reverse mortgage if you do not have the access to the cash required?

by Reverse Mortgage Group

You can sell the home, and the buyer’s money will pay off the reverse mortgage lender. If you do decide to pre-pay the reverse mortgage early, it may be possible to do so with no prepayment penalties.
If you die, then your reverse mortgage loan becomes due for payment. Your heirs need to pay off [...]


January 31st, 2009

Cash may be used for any purpose

by Reverse Mortgage Group

With Reverse Mortgages the money could be used for any purpose, such as:

Eliminate existing mortgage loan payments
Payoff credit card debt
Supplement retirement income
Help pay for medical and prescription expenses
Pay for in-home care, long term care insurance, Medicare supplement
Use funds for home repairs or modifications
Use for wealth redistribution, estate planning or make a living charitable donation
Lifestyle enhancement
Travel